Financials Mitsubishi Electric Corporation

Equities

6503

JP3902400005

Consumer Goods Conglomerates

Delayed Japan Exchange Other stock markets 20:53:12 2025-06-15 EDT			5-day change	1st Jan Change
2,945.50 ^JPY	+0.99%		-2.18%	+9.62%

06-12	Mitsubishi Electric Corporation Develops Compact 7Ghz Band Gallium Nitride Power Amplifier Module	CI
06-11	Jefferies Adjusts Mitsubishi Electric's Price Target to 3,500 Yen From 3,400 Yen, Keeps at Buy	MT

Projected Income Statement: Mitsubishi Electric Corporation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	4,462,500	4,191,400	4,476,700	5,003,600	5,257,914	5,521,711	5,524,753	5,737,360
Change	-	-6.08%	6.81%	11.77%	5.08%	5.02%	0.06%	3.85%
EBITDA ¹	471,679	451,341	462,944	501,207	539,207	613,278	656,426	717,194
Change	-	-4.31%	2.57%	8.27%	7.58%	13.74%	7.04%	9.26%
EBIT ¹	259,600	230,100	252,000	262,300	328,525	391,850	432,227	480,397
Change	-	-11.36%	9.52%	4.09%	25.25%	19.28%	10.3%	11.14%
Interest Paid ¹	-7,008	-2,828	-2,702	-4,296	-11,687	-14,398	-15,800	-14,250
Earnings before Tax (EBT) ¹	281,900	258,700	279,600	292,100	365,853	437,265	469,742	513,178
Change	-	-8.23%	8.08%	4.47%	25.25%	19.52%	7.43%	9.25%
Net income ¹	221,800	193,100	203,400	213,900	284,949	324,084	342,106	374,521
Change	-	-12.94%	5.33%	5.16%	33.22%	13.73%	5.56%	9.47%
Announcement Date	5/11/20	4/28/21	4/28/22	4/28/23	4/26/24	4/28/25	-	-

¹JPY in Million

Estimates

Fiscal Period: March	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	1,067,600	1,212,371	858,100	1,043,800	1,038,587	1,250,789	1,066,400	1,071,900	1,042,800	1,295,400	1,067,700	1,271,800	1,225,670	1,438,000	1,220,300	1,318,100	1,243,929	1,475,585	1,286,484	1,357,016	1,356,754	1,425,806	1,264,497	1,334,797	1,334,282	1,524,364
Change	-	13.56%	-29.22%	21.64%	-0.5%	20.43%	-14.74%	0.52%	-2.71%	24.22%	-17.58%	19.12%	-3.63%	17.32%	-15.14%	8.01%	-5.63%	18.62%	-12.82%	5.48%	-0.02%	5.09%	-11.31%	5.56%	-0.04%	14.25%
EBITDA ¹	122,858	136,262	69,795	74,717	131,786	154,789	128,829	133,038	104,857	96,220	82,710	98,343	137,526	182,628	107,914	124,095	140,274	166,924	108,886	170,646	183,588	162,175	144,894	169,325	170,324	208,455
Change	-	10.91%	-48.78%	7.05%	76.38%	17.45%	-16.77%	3.27%	-21.18%	-8.24%	-14.04%	18.9%	39.84%	32.8%	-40.91%	14.99%	13.04%	19%	-34.77%	56.72%	7.58%	-11.66%	-10.66%	16.86%	0.59%	22.39%
EBIT ¹	68,000	77,343	20,200	41,100	76,354	92,392	82,700	55,100	52,300	61,800	33,900	46,500	82,722	99,100	61,000	74,800	86,461	106,264	58,659	118,023	126,873	107,916	79,445	103,256	109,954	127,077
Change	-	13.74%	-73.88%	103.47%	85.78%	21%	-10.49%	-33.37%	-5.08%	18.16%	-45.15%	37.17%	77.9%	19.8%	-38.45%	22.62%	15.59%	22.9%	-44.8%	101.2%	7.5%	-14.94%	-26.38%	29.97%	6.49%	15.57%
Charge d'intérêts	-570	-	-720	-	-171	-	-1,138	-1,534	77	-107	-727	-	-935	-	-1,243	-	-6,731	-	-2,286	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	74,700	83,118	27,100	48,500	82,667	100,347	89,500	58,800	58,800	72,400	46,800	56,200	85,959	103,041	76,800	82,900	89,214	116,939	76,125	100,619	167,889	111,634	80,750	106,050	119,750	132,100
Change	-	11.27%	-67.4%	78.97%	70.45%	21.39%	-10.81%	-34.3%	0%	23.13%	-35.36%	20.09%	52.95%	19.87%	-25.47%	7.94%	7.62%	31.08%	-34.9%	32.18%	66.86%	-33.51%	-27.67%	31.33%	12.92%	10.31%
Net income ¹	68,400	62,090	17,800	30,300	59,550	85,319	61,800	43,000	43,600	54,900	33,400	41,300	64,518	74,582	57,800	62,300	65,772	98,977	49,138	69,462	129,454	81,305	58,869	76,705	85,156	101,516
Change	-	-9.23%	-71.33%	70.22%	96.53%	43.27%	-27.57%	-30.42%	1.4%	25.92%	-39.16%	23.65%	56.22%	15.6%	-22.5%	7.79%	5.57%	50.49%	-50.35%	41.36%	86.37%	-37.19%	-27.6%	30.3%	11.02%	19.21%
Announcement Date	2/3/20	5/11/20	7/30/20	10/29/20	2/2/21	4/28/21	7/29/21	10/28/21	2/2/22	4/28/22	7/28/22	10/28/22	2/2/23	4/28/23	7/31/23	10/31/23	2/5/24	4/26/24	7/31/24	10/31/24	2/4/25	-	-	-	-	-

¹JPY in Million

Estimates

Fiscal Period: March	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2	2025 S1	2026 S1
Net sales ¹	1,902,000	2,289,376	2,138,300	2,338,400	2,339,500	2,664,100	2,538,400	2,719,514	2,643,500	2,444,000
Change	-	20.37%	-6.6%	9.36%	0.05%	13.87%	-4.72%	7.13%	-2.8%	-7.55%
EBITDA	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-
EBIT ¹	61,300	168,800	137,800	114,200	80,500	181,800	135,800	192,725	176,600	192,000
Change	-	175.37%	-18.36%	-17.13%	-29.51%	125.84%	-25.3%	41.92%	-8.37%	8.72%
Charge d'intérêts	-1,893	-	-2,672	-	-1,627	-	-2,835	-	-25,676	-
Earnings before Tax (EBT)	75,600	183,100	148,300	131,300	103,100	189,000	159,700	206,153	176,700	-
Change	-	142.2%	-19.01%	-11.46%	-21.48%	83.32%	-15.5%	29.09%	-14.29%	-
Net income	48,200	144,869	104,800	98,600	74,800	139,100	120,200	164,749	118,600	-
Change	-	200.56%	-27.66%	-5.92%	-24.14%	85.96%	-13.59%	37.06%	-28.01%	-
Announcement Date	10/29/20	4/28/21	10/28/21	4/28/22	10/28/22	4/28/23	10/31/23	4/26/24	10/31/24	-

¹JPY in Million

Estimates

Forecast Balance Sheet: Mitsubishi Electric Corporation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-160,556	-401,975	-397,718	-245,112	-370,748	-396,670	-616,258	-690,043
Change	-	-150.36%	1.06%	38.37%	-51.26%	-6.99%	-12.79%	-11.97%
Announcement Date	5/11/20	4/28/21	4/28/22	4/28/23	4/26/24	4/28/25	-	-

¹JPY in Million

Estimates

Cash Flow Forecast: Mitsubishi Electric Corporation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	192,833	168,920	134,337	151,117	175,756	193,988	233,402	231,984
Change	-	-12.4%	-20.47%	12.49%	16.3%	10.37%	-2.4%	-0.61%
Free Cash Flow (FCF) ¹	203,001	373,199	167,504	18,178	321,360	264,155	312,289	259,929
Change	-	83.84%	-55.12%	-89.15%	1,667.85%	-17.8%	18.95%	-16.77%
Announcement Date	5/11/20	4/28/21	4/28/22	4/28/23	4/26/24	4/28/25	-	-

¹JPY in Million

Estimates

Forecast Financial Ratios: Mitsubishi Electric Corporation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	10.57%	10.77%	10.34%	10.02%	10.26%	11.11%	11.88%	12.5%
EBIT Margin (%)	5.82%	5.49%	5.63%	5.24%	6.25%	7.1%	7.82%	8.37%
EBT Margin (%)	6.32%	6.17%	6.25%	5.84%	6.96%	7.92%	8.5%	8.94%
Net margin (%)	4.97%	4.61%	4.54%	4.27%	5.42%	5.87%	6.19%	6.53%
FCF margin (%)	4.55%	8.9%	3.74%	0.36%	6.11%	4.78%	5.65%	4.53%
FCF / Net Income (%)	91.52%	193.27%	82.35%	8.5%	112.78%	81.51%	91.28%	69.4%
Profitability
ROA	6.43%	5.62%	5.65%	5.47%	6.23%	5.17%	5.43%	5.72%
ROE	9.2%	7.5%	7.1%	6.9%	8.2%	8.43%	8.5%	8.99%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	4.32%	4.03%	3%	3.02%	3.34%	3.51%	4.22%	4.04%
CAPEX / EBITDA (%)	40.88%	37.43%	29.02%	30.15%	32.6%	31.63%	35.56%	32.35%
CAPEX / FCF (%)	94.99%	45.26%	80.2%	831.32%	54.69%	73.44%	74.74%	89.25%
Items per share
Cash flow per share ¹	202.2	193.1	194.3	214.4	236.1	219	322	300.2
Change	-	-4.52%	0.61%	10.35%	10.12%	-7.23%	21%	-6.8%
Dividend per Share ¹	40	36	40	40	50	50	55.53	61.59
Change	-	-10%	11.11%	0%	25%	0%	4.54%	10.91%
Book Value Per Share ¹	1,133	1,284	1,409	1,534	1,791	1,903	1,996	2,094
Change	-	13.35%	9.75%	8.86%	16.73%	6.28%	5.47%	4.89%
EPS ¹	103.4	90.03	95.41	101.3	135.7	155.7	166.8	184.8
Change	-	-12.94%	5.98%	6.17%	34%	14.7%	7.8%	10.76%
Nbr of stocks (in thousands)	2,145,108	2,145,286	2,111,615	2,111,415	2,088,190	2,069,436	2,069,436	2,069,436
Announcement Date	5/11/20	4/28/21	4/28/22	4/28/23	4/26/24	4/28/25	-	-